Provisions for credit losses (PCLs) at Capital One dropped 21% in the second quarter of the year, driven by improved credit conditions on the back of a strong US economy.
Total PCLs stood at $1.3 billion for Q2 2019, $351 million lower than the previous quarter, and at their lowest level since Q3 2018. However, they were up 5%, or $66 million, on the year-ago quarter.
Provisions for the bank’s credit card business came in at $1.1 billion, down $294 million (21%) quarter-on-quarter. Capital